API Technologies Reports Results for the Fiscal Third Quarter Ended August 31, 2013

  • Revenue of $62.6 million, up 6.6% over prior fiscal year third quarter
  • Adjusted EBITDA of $8.4 million
  • Net income of $7.0 million

Business Wire

ORLANDO, Fla.--(BUSINESS WIRE)--

API Technologies Corp. (ATNY) (“API”, “API Technologies”, or the “Company”), a trusted provider of RF/microwave, microelectronics, and security solutions for critical and high-reliability applications, today announced results for the fiscal third quarter ended August 31, 2013. Results for continuing operations for the third quarter and comparable historical periods do not include the Data Bus product line or Sensors business, which were sold July 5, 2013 and April 17, 2013, respectively. Results for the Data Bus product line and Sensors business are reported under discontinued operations.

“We reported strong results this quarter, with over six percent year-over-year revenue growth and achieved record revenue for our Systems, Subsystems and Components segment, which is bolstered by our differentiated portfolio of innovative products and end market diversity,” said Bel Lazar, President and Chief Executive Officer of API Technologies Corp. “We have delivered our highest Adjusted EBITDA in five quarters and paid down over $77 million in term debt year to date. We continue to execute our business strategy and enhance our operational efficiencies, which positions us to deliver strong performance and positive returns for our shareholders.”

Results for the Quarter Ended August 31, 2013

API Technologies reported revenue of $62.6 million for the quarter ended August 31, 2013, compared to $64.2 million for the quarter ended May 31, 2013, and $58.8 million for the quarter ended August 31, 2012.

Gross profit, as a percent of sales, was 23.9% for the quarter ended August 31, 2013, versus 22.8% for the quarter ended May 31, 2013, compared to 21.9% for the quarter ended August 31, 2012. Adjusted EBITDA from continuing operations for the quarter ended August 31, 2013 was $8.4 million (13.3% margin), versus $7.3 million (11.4% margin) for the quarter ended May 31, 2013, compared to $7.4 million (12.5% margin) in the quarter ended August 31, 2012.

API Technologies posted net income of $7.0 million in the quarter ended August 31, 2013, versus net income of $7.5 million in the quarter ended May 31, 2013, and a net loss of $27.7 million in the quarter ended August 31, 2012. The year-over-year increase in net income is primarily attributable to the goodwill impairment recorded in August 31, 2012 and the income from the sale of the Data Bus product line in the quarter ended August 31, 2013. At the conclusion of the August 31, 2013 quarter, the Company had $14.0 million in cash and cash equivalents, including $1.5 million in restricted cash, and $110.2 million in debt obligations, net of discounts. At the conclusion of the sale of the Data Bus product line, the Company paid down $28.8 million of term debt.

Results for the Nine Months Ended August 31, 2013

API Technologies reported revenue of $185.2 million for the nine months ended August 31, 2013, versus $189.0 million for the nine months ended August 31, 2012. Gross margin was 22.5% for the nine month period ended August 31, 2013 and 18.9% for the comparable period ended August 31, 2012.

The Company posted net income of $0.0 million for the nine months ended August 31, 2013, compared to a $136.4 million net loss in the prior year’s comparable period, primarily attributable to the goodwill impairment recorded in August 31, 2012 and the income from the sales of the Data Bus product line and Sensors business in nine months ended August 31, 2013. Restructuring costs recorded in the nine months ended August 31, 2013 were $0.9 million compared to $13.7 million for the nine month period ended August 31, 2012.

As previously announced, API Technologies’ Board of Directors continues to explore a number of strategic alternatives, including the potential sale of one or more business units, the net proceeds from which would be used to pay down debt. API notes that there can be no assurance that this process will result in any agreement or transaction. API does not intend to disclose developments with respect to the Board’s process unless and until the Board has approved a specific course of action.

Conference Call

API Technologies will host a conference call to review the Company’s fiscal third quarter results tomorrow, October 10, at 10:00 a.m. Eastern Time. Bel Lazar, President and Chief Executive Officer, and Phil Rehkemper, Executive Vice President and Chief Financial Officer, will host the call.

The call will be available by dialing 1-877-317-6789 or 1-412-317-6789 and accessible by webcast at http://www.apitech.com. Recorded replays of the webcast will be available on the Company’s Investor Relations App, and for 30 days on the Company’s website and by telephone at 1-877-344-7529 or 1-412-317-0088, replay passcode #10034221, beginning 2:00 p.m. Eastern Time on October 10, 2013.

The API Technologies Investor Relations App is available free for iPhone® and iPad® via the Apple iTunes store and for Android™ devices via Google Play. For more information, visit http://www.apitech.com/investor-relations.

About API Technologies Corp.

API Technologies designs, develops and manufactures electronic systems, subsystems, RF and secure solutions for technically demanding defense, aerospace and commercial applications. API Technologies' customers include many leading Fortune 500 companies. API Technologies trades on the NASDAQ under the symbol ATNY. For further information, please visit the Company website at www.apitech.com.

Non-GAAP Financial Information

In this press release, API has provided non-GAAP financial measures for Adjusted EBITDA from continuing operations. Non-GAAP Adjusted EBITDA from continuing operations (Earnings before interest, taxes, depreciation and amortization) excludes restructuring charges, acquisition and divestiture-related charges, C-MAC pro forma adjustments, foreign exchange losses, stock-based compensation expenses, amortization of note discounts and deferred financing costs, goodwill impairment, SenDEC earn-out reversal, and certain other adjustments. Management believes the supplemental non-GAAP presentations provide investors an additional analytical tool for understanding the Company’s financial performance by excluding the impact of items which may obscure trends in the operating performance of the business. These are not recognized measures under US GAAP, do not have a standardized meaning, and are unlikely to be comparable to similar measures used by other companies. Accordingly, investors are cautioned that these non-GAAP measures should not be construed as an alternative to net earnings or loss determined in accordance with GAAP as an indicator of the financial performance of the Company or as a measure of the Company's liquidity and cash flows. We expect our financial statements to continue to be affected by items similar to those excluded in the non-GAAP adjustments described above, and exclusion of these items from our non-GAAP financial measures should not be construed as an inference that all such costs are unusual or infrequent.

Safe Harbor for Forward-Looking Statements

Except for statements of historical fact, the information presented herein constitutes forward-looking statements. All forward-looking statements are subject to certain risks, uncertainties and assumptions which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include but are not limited to, general economic and business conditions, including without limitation reductions in government defense spending (including without limitation due to government shutdowns), government regulations, our ability to integrate and consolidate our operations, our ability to expand our operations in both new and existing markets, the ability of our review of strategic alternatives to maximize stockholder value and the effect of growth on our infrastructure. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may vary in material aspects from those currently anticipated. The forward-looking statements in this news release should be read in conjunction with the more detailed descriptions of the above factors located in our Annual Report on Form 10-K under Part I, Item 1A “Risk Factors” as well as those additional factors we may describe from time to time in other filings with the Securities and Exchange Commission. All information in this release is as of the date hereof. We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statements in this press release, whether as a result of new information, future events, or otherwise.

API Technologies Corp.

Financial Results

For the Three and Nine Months Ended August 31, 2013

 

Consolidated Statements of Operations (unaudited)

in thousands USD

               
For the Three
Months Ended
August 31,
2013
For the Three
Months Ended
August 31,
2012
For the Nine
Months Ended
August 31,
2013
For the Nine
Months Ended
August 31,
2012
Revenue, net $ 62,630 $ 58,759 $ 185,163 $ 189,014
Cost of revenues
Cost of revenues 47,641 44,171 143,338 144,276
Restructuring charges   16     1,738     182     9,040  
 
Total cost of revenues   47,657     45,909     143,520     153,316  
 
Gross profit   14,973     12,850     41,643     35,698  
 
Operating expenses
General and administrative 6,901 6,611 19,704 18,263
Selling expenses 3,505 3,607 11,263 10,758
Research and development 2,244 2,524 6,885 7,330
Business acquisition and related charges (111 ) 775 977 3,444
Restructuring charges   120     485     684     4,706  
 
  12,659     14,002     39,513     44,501  
 
Operating income (loss) 2,314 (1,152 ) 2,130 (8,803 )
Other expenses (income), net
Goodwill impairment 20,495 107,495
Interest expense, net 3,086 3,993 11,907 11,898
Amortization of note discounts and deferred financing costs 521 869 11,795 14,957
Other expenses (income), net   189     (367 )   (186 )   (2,412 )
 
  3,796     24,990     23,516     131,938  
 
Loss from continuing operations before income taxes (1,482 ) (26,142 ) (21,386 ) (140,741 )
Expense (benefit) for income taxes   (3,144 )   (579 )   (3,316 )   (4,885 )
 
Loss from continuing operations, net of income taxes 1,662 (25,563 ) (18,070 ) (135,856 )

Income (loss) from discontinued operations, net of income taxes

  5,305     (2,103 )   18,085     (544 )
 
Net income (loss) $ 6,967 $ (27,666 ) $ 15 $ (136,400 )
Accretion on preferred stock   (381 )       (671 )    
 
Net Income (loss) attributable to common shareholders $ 6,586   $ (27,666 ) $ (656 ) $ (136,400 )
 

Income (loss) per share from continuing operations—Basic and diluted

$ 0.02 $ (0.46 ) $ (0.34 ) $ (2.46 )
Income (loss) per share from discontinued operations—Basic and diluted $ 0.10   $ (0.04 ) $ 0.33   $ (0.01 )
 
Net income (loss) per share—Basic and diluted $ 0.12   $ (0.50 ) $ (0.01 ) $ (2.47 )
 
Weighted average shares outstanding
Basic 55,424,157 55,365,978 55,398,833 55,296,470
Diluted 55,424,157 55,365,978 55,398,833 55,296,470
 

 

Consolidated Balance Sheets (unaudited)

in thousands USD

       
August 31,

2013

November 30,

2012

Assets
Current
Cash and cash equivalents $ 12,514 $ 20,550
Restricted cash 1,500 700
Accounts receivable, net 43,804 41,624
Inventories, net 61,638 57,863
Deferred income taxes 843 1,038
Prepaid expenses and other current assets 2,178 2,560
Current assets of discontinued operations         13,836  
122,477 138,171
Fixed assets, net 36,258 40,075
Fixed assets held for sale 150 900
Goodwill 116,770 116,770
Intangible assets, net 41,031 47,934
Other non-current assets 3,388 5,760
Long-lived assets of discontinued operations       43,105  
Total assets $ 320,074   $ 392,715  
 
Liabilities, Redeemable Preferred Stock and Shareholders’ Equity
Current
Accounts payable and accrued expenses $ 36,688 $ 39,598
Deferred revenue 4,497 385
Current portion of long-term debt 6,599 2,328
Current liabilities of discontinued operations       1,888  
47,784 44,199
Deferred income taxes 3,901 3,411
Other long-term liabilities 1,056 1,048
Long-term debt, net of current portion and discount   103,564     179,503  
  156,305     228,161  
 
Redeemable Preferred Stock 25,898 25,581
 
Shareholders’ equity
Common stock 55 55
Special voting stock
Additional paid-in capital 327,764 326,973
Common stock subscribed but not issued 2,373 2,373
Accumulated deficit (193,169 ) (192,513 )
Accumulated other comprehensive income   848     2,085  
  137,871     138,973  
Total Liabilities, Redeemable Preferred Stock and Shareholders’ Equity $ 320,074   $ 392,715  
 
 

Consolidated Adjusted EBITDA

in thousands USD

 

The following table reconciles three and nine months GAAP income (loss) from continuing operations to non-GAAP

Adjusted EBITDA from continuing operations.

   
Three Months Ended

August 31,

Nine Months Ended

August 31,

2013   2012 2013   2012
Income (loss) from continuing operations $ 1,662   $ (25,563 ) $ (18,070 )     $ (135,856 )
Adjustments
Interest expense, net 3,086 3,993 11,907 11,898
Amortization of note discounts and deferred financing costs 521 869 11,795 14,957
Depreciation and amortization 4,605 3,844 13,225 12,456
Goodwill impairment 20,495 - 107,495
Income and franchise taxes (3,089 ) (579 ) (3,082 ) (4,885 )
Stock based compensation 191 441 791 1,934
Restructuring charges 136 2,223 866 13,746
Acquisition related charges (111 ) 775 977 3,444
Other adjustments (A) 1,310 208 2,256 1,257
SenDEC earn-out reversal (2,213 )
C-MAC pro-forma adjustment 527 1,177
Foreign exchange loss   43     124     159     124  
Adjusted EBITDA from continuing operations $ 8,354   $ 7,357   $ 20,824   $ 25,534  
Adjusted EBITDA Margin from continuing operations   13.3 %   12.5 %   11.2 %   13.5 %
 

(A) Charges in fiscal year 2013 primarily relate to $2.4 million of non-cash inventory provisions, $0.4 million financing related charges, partially offset by a $0.5 million reduction of a contingency accrual.  Charges in fiscal year 2012 primarily relate to non-cash inventory provisions.

 
 

Additional Adjusted EBITDA Reconciliations by Segment from Continuing Operations

in thousands USD

           

Three Months Ending

August 31, 2013

SSC   SSIA   Sub-total

SSC & SSIA

  EMS   Corporate   Total
Q3 Q3 Q3 Q3 Q3 Q3
Revenue $ 45,653 $ 3,712 $ 49,365 $ 13,265 $ - $ 62,630
Income (loss) from continuing operations 8,296 606 8,902 (1,197 ) (6,043 ) 1,662
Adjustments
Interest expense, Net 41 (17 ) 24 35 3,027 3,086

Amortization of note discounts and deferred financing costs

- - - - 521 521
Depreciation and amortization 2,907 94 3,001 1,522 82 4,605
Income and franchise taxes (3,304 ) 46 (3,258 ) - 169 (3,089 )
Stock based compensation - - - - 191 191
Restructuring charges 67 (6 ) 61 57 18 136
Acquisition related charges 30 - 30 10 (151 ) (111 )
Other adjustments (A) 882 21 903 243 164 1,310
Foreign exchange loss - - - - 43 43
Net corporate costs (B) (1,442 ) (117 ) (1,559 ) (420 ) 1,979 -
Add-Back Total   (819 )     21       (798 )     1,447       6,043       6,692  
Adjusted EBITDA from continuing operations $ 7,477     $ 627     $ 8,104     $ 250     $ -     $ 8,354  
Adjusted EBITDA Margin from continuing operations   16.4 %     16.9 %     16.4 %     1.9 %     0.0 %     13.3 %
 

(A) Charges primarily relate to non-cash reserves, inventory provisions, and finance related charges.

(B) Net Corporate costs are allocated to the three segments by percentage of total consolidated revenues.

 
 

Additional Adjusted EBITDA Reconciliations by Segment from Continuing Operations

in thousands USD

           

Three Months Ending

May 31, 2013

SSC   SSIA   Sub-total

SSC & SSIA

  EMS   Corporate   Total
Q2 Q2 Q2 Q2 Q2 Q2
Revenue $ 42,865 $ 5,135 $ 48,000 $ 16,229 $ - $ 64,229
Income (loss) from continuing operations 5,935 948 6,883 (346 ) (10,047 ) (3,510 )
Adjustments
Interest expense, Net (547 ) (14 ) (561 ) 42 4,997 4,478

Amortization of note discounts and deferred financing costs

- - - - 521 521
Depreciation and amortization 2,886 93 2,979 1,247 84 4,310
Income and franchise taxes (2,158 ) 122 (2,036 ) - 1,375 (661 )
Stock based compensation - - - - 210 210
Restructuring charges 229 37 266 25 94 385
Acquisition related charges 25 - 25 6 589 620
Other adjustments (A) 413 - 413 100 329 842
Foreign exchange loss - - - - 116 116
Net corporate costs (B) (1,156 ) (139 ) (1,295 ) (437 ) 1,732 -
Add-Back Total   (308 )     99       (209 )     983       10,047       10,821  
Adjusted EBITDA from continuing operations $ 5,627     $ 1,047     $ 6,674     $ 637     $ -     $ 7,311  
Adjusted EBITDA Margin from continuing operations   13.1 %     20.4 %     13.9 %     3.9 %     0.0 %     11.4 %
 

(A) Charges primarily related to non-cash reserves, inventory provisions, and finance related charges, partially offset by the reduction of the contingency accrual.

(B) Net Corporate costs are allocated to the three segments by percentage of total consolidated revenues.

 
 

Additional Adjusted EBITDA Reconciliations by Segment from Continuing Operations

in thousands USD

           

Three Months Ending

February 28, 2013

SSC   SSIA   Sub-total

SSC & SSIA

  EMS   Corporate   Total
Q1 Q1 Q1 Q1 Q1 Q1
Revenue $ 39,594 $ 3,842 $ 43,436 $ 14,868 $ - $ 58,304
Income (loss) from continuing operations 1,400 713 2,113 (934 ) (17,401 ) (16,222 )
Adjustments
Interest expense, Net 655 (2 ) 653 36 3,654 4,343

Amortization of note discounts and deferred financing costs

- - - - 10,754 10,754
Depreciation and amortization 2,900 98 2,998 1,227 84 4,309
Income and franchise taxes (412 ) 58 (354 ) - 1,022 668
Stock based compensation - - - - 390 390
Restructuring charges 238 43 281 26 38 345
Acquisition related charges 49 - 49 6 413 468
Other adjustments (A) 427 - 427 215 (538 ) 104
Foreign exchange loss - - - - - -
Net corporate costs (B) (1,078 ) (105 ) (1,183 ) (401 ) 1,584 -
Add-Back Total   2,779       92       2,871       1,109       17,401       21,381  
Adjusted EBITDA from continuing operations $ 4,179     $ 805     $ 4,984     $ 175     $ -     $ 5,159  
Adjusted EBITDA Margin from continuing operations   10.6 %     21.0 %     11.5 %     1.2 %     0.0 %     8.8 %
 

(A) Charges primarily related to non-cash inventory provisions and financing related charges, partially offset by the reduction of the Corporate contingency accrual.

(B) Net Corporate costs are allocated to the three segments by percentage of total consolidated revenues.

 
 

Additional Adjusted EBITDA Reconciliations by Segment from Continuing Operations

in thousands USD

           

Three Months Ending

November 30, 2012

SSC   SSIA   Sub-total

SSC & SSIA

  EMS   Corporate   Total
Q4 Q4 Q4 Q4 Q4 Q4
Revenue $ 39,339 $ 3,370 $ 42,709 $ 10,658 $ - $ 53,367
Income (loss) from continuing operations (3,250 ) (246 ) (3,496 ) (2,906 ) (7,152 ) (13,554 )
Adjustments
Interest expense, Net 1,850 (2 ) 1,848 86 2,377 4,311

Amortization of note discounts and deferred financing costs

- - - - 727 727
Depreciation and amortization 3,454 134 3,588 820 80 4,488
Income and franchise taxes (119 ) (42 ) (161 ) 10 305 154
Stock based compensation - - - - 290 290
Restructuring charges 877 634 1,511 1,749 74 3,334
Acquisition related charges 8 - 8 - 576 584
C-MAC pro-forma adjustments 924 - 924 - - 924
Other adjustments (A) 3,138 - 3,138 373 1,198 4,709
Foreign exchange loss - - - - 301 301
Net corporate costs (B) (902 ) (77 ) (980 ) (244 ) 1,224 -
Add-Back Total   9,230       647       9,876       2,794       7,152       19,822  
Adjusted EBITDA from continuing operations $ 5,980     $ 401     $ 6,380     $ (112 )   $ -     $ 6,268  
Adjusted EBITDA Margin from continuing operations   15.2 %     11.9 %     14.9 %     (1.1 %)     0.0 %     11.7 %
 

(A) Charges primarily related to non-cash inventory provisions, and Corporate contingency accrual.

(B) Net Corporate costs are allocated to the three segments by percentage of total consolidated revenues.

 
 

Additional Adjusted EBITDA Reconciliations by Segment from Continuing Operations

in thousands USD

           

Three Months Ending

August 31, 2012

SSC   SSIA   Sub-total

SSC & SSIA

  EMS   Corporate   Total
Q3 Q3 Q3 Q3 Q3 Q3
Revenue $ 41,127 $ 4,651 $ 45,778 $ 12,981 $ - $ 58,759
Income (loss) from continuing operations (18,151 ) 217 (17,934 ) (1,064 ) (6,565 ) (25,563 )
Adjustments
Interest expense, Net 55 (2 ) 53 - 3,940 3,993

Amortization of note discounts and deferred financing costs

- - - - 869 869
Depreciation and amortization 2,950 90 3,040 733 71 3,844
Goodwill impairment 20,387 - 20,387 108 - 20,495
Income and franchise taxes (50 ) 173 123 - (702 ) (579 )
Stock based compensation - - - - 441 441
Restructuring charges 1,689 255 1,944 224 55 2,223
Acquisition related charges 355 - 355 - 420 775
C-MAC pro-forma adjustments 527 - 527 - - 527
Other adjustments (A) (45 ) - (45 ) 253 - 208
Foreign exchange loss - - - - 124 124
Net corporate costs (B) (943 ) (107 ) (1,049 ) (298 ) 1,347 -
Add-Back Total   24,925       409       25,335       1,020       6,565       32,920  
Adjusted EBITDA from continuing operations $ 6,774     $ 626     $ 7,401     $ (44 )   $ -     $ 7,357  
Adjusted EBITDA Margin from continuing operations   16.5 %     13.5 %     16.2 %     (0.3 %)     0.0 %     12.5 %
 

(A) Charges primarily relate to non-cash inventory provisions.

(B) Net Corporate costs are allocated to the three segments by percentage of total consolidated revenues.

 
 

Additional Adjusted EBITDA Reconciliations by Segment from Continuing Operations

in thousands USD

           

Three Months Ending

May 31, 2012

SSC   SSIA   Sub-total

SSC & SSIA

  EMS   Corporate   Total
Q2 Q2 Q2 Q2 Q2 Q2
Revenue $ 43,895 $ 8,044 $ 51,939 $ 16,331 $ - $ 68,270
Income (loss) from continuing operations 5,810 1,021 6,831 (100,172 ) (17,226 ) (110,567 )
Adjustments
Interest expense, Net 18 2 20 - 4,515 4,535

Amortization of note discounts and deferred financing costs

(1 ) - (1 ) - 13,494 13,493
Depreciation and amortization 3,405 90 3,495 1,111 50 4,656
Goodwill impairment - - - 87,000 - 87,000
Income and franchise taxes (843 ) 425 (418 ) - (2,836 ) (3,254 )
Stock based compensation - - - - 635 635
Restructuring charges 732 56 788 10,633 73 11,494
Acquisition related charges 454 - 454 - 1,924 2,378
C-MAC pro-forma adjustments 650 - 650 - - 650
Other adjustments (A) (57 ) 472 415 - (2,213 ) (1,798 )
Foreign exchange loss 15 (22 ) (7 ) - 72 65
Net corporate costs (B) (972 ) (178 ) (1,150 ) (362 ) 1,512 -
Add-Back Total   3,401       845       4,246       98,382       17,226       119,854  
Adjusted EBITDA from continuing operations $ 9,211     $ 1,866     $ 11,077     $ (1,790 )   $ -     $ 9,287  

Adjusted EBITDA Margin from continuing operations

  21.0 %     23.2 %     21.3 %     -11.0 %     -       13.6 %
 

(A) Charges primarily relate to non-cash inventory provisions, and the reversal of SenDEC earn-out accrual in Corporate.

(B) Net Corporate costs are allocated to the three segments by percentage of total consolidated revenues.

 
 

Additional Adjusted EBITDA Reconciliations by Segment from Continuing Operations

in thousands USD

           

Three Months Ending

February 29, 2012

SSC   SSIA   Sub-total

SSC & SSIA

  EMS   Corporate   Total
Q1 Q1 Q1 Q1 Q1 Q1
Revenue $   36,219 $   6,436 $   42,655 $   19,330 $   - $   61,985
Income (loss) from continuing operations 4,325 1,560 5,885 239 (5,850 ) 274
Adjustments
Interest expense, Net - 3 3 - 3,367 3,370

Amortization of note discounts and deferred financing costs

- - - - 595 595
Depreciation and amortization 2,718 91 2,809 1,111 36 3,956
Goodwill impairment - - - - - -
Income and franchise taxes (1,088 ) - (1,088 ) - 36 (1,052 )
Stock based compensation - - - - 858 858
Restructuring charges (355 ) 1 (354 ) 348 35 29
Acquisition related charges - - - - 291 291
Other adjustments (A) 627 - 627 7 - 634
Foreign exchange loss (15 ) 23 8 - (73 ) (65 )
Net corporate costs (B) (412 ) (73 ) (485 ) (220 ) 705 -
Add-Back Total     1,475         45         1,520         1,246         5,850         8,616  
Adjusted EBITDA from continuing operations $   5,800     $   1,605     $   7,405     $   1,485     $   -     $   8,890  
Adjusted EBITDA Margin from continuing operations     16.0 %       24.9 %       17.4 %       7.7 %       -         14.3 %
 

(A) Charges primarily relate to non-cash inventory provisions and a loss on sale of real estate held for sale.

(B) Net Corporate costs are allocated to the three segments by percentage of total consolidated revenues.

Contact:
API Technologies Corp.
Investor Relations:
Phil Rehkemper, +1 855-294-3800
EVP and Chief Financial Officer
investors@apitech.com
or
Tara Condon, +1 908-546-3903
Vice President, Corporate Development & Marketing
investors@apitech.com

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